A slowdown in foreign purchases made the gap between the Arab country’s imports and exports grow smaller in the first seven months of this year.
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Even though trade with Brazil remains unaffected by the pandemic, this could change in the second quarter of the year, Brazil’s ambassador to Abu Dhabi Fernando Igreja told ANBA.
The country purchased more product from abroad this month, in spite of the uncertainty surrounding the global economic scenario. Goods whose imports went up include wheat, fertilizers, sanitary items, ethylene polymers and electric generators.
The Egyptian Mineral Resources Authority said bids will be accepted from March 15 to July 15.
The emirate’s trade balance posted a 5.4% decline. Manufactures topped the list of most imported merchandise.
Last year Brazilian retail trade grew from a year before, but percentage was lower than the one posted in the two previous years.
The Arab countries stood out among the Brazilian products’ buyers, purchasing 121,700 60-kg bags of the product in January.
Although they went up in December, indices that track confidence from trade and service sector players remain at low levels.
Foreign sales slid by 20.4% year-on-year to USD 18,23 billion. The trade surplus narrowed by 80%.
Revenue from foreign sales came out to USD 9.3 billion year-to-date through September.
Foreign sales fetched USD 4.422 billion and foreign purchases amounted to USD 3.454 billion, leading to a USD 968 million trade surplus.
Ratings agency Standard & Poor’s said Expo 2020 is bound to drive economic growth in Dubai between 2019 and 2022
The UN agency’s 15th quadrennial session will take place in the Caribbean island; the United Arab Emirates is hosting the World Investment Forum and the Asia eCommerce Week.
It will be two years in September since the free trade agreement entered into effect, and sales are still less-than-satisfactory. A move must be made toward more products and more sales, according to the Bilateral Trade Agreements director at Egypt’s Ministry of Trade and Industry, Michael Gamal Kaddes.
